eBay upgraded to Outperform from Market Perform at Bernstein

Bernstein analyst Nikhil Devnani upgraded eBay (EBAY) to Outperform from Market Perform with an unchanged price target of $70. The firm believes the recent pullback in the shares offers a better entry point. eBay has re-focused on the categories and use cases that best appeal to its core audience, and recent product improvements are allowing the marketplace to return to modest gross merchandise growth, which offers some upside to Street numbers, the analyst tells investors in a research note. Bernstein believes this can support the multiple as earnings compounds along with “healthy” buybacks.